Sears Holdings Corp. plans to close its money-losing namesake location in downtown Chicago, reducing its physical presence in the city as it shrinks its store network and divests assets amid a decline in sales.

Sears will shutter the store at 2 N. State St. in Chicago’s Loop business district in April, Howard Riefs, a spokesman, said in an email.

The closing will end Sears’s presence in Chicago’s prominent shopping and business district as the retailer moves to cut expenses and raise cash.